Cardano Stablecoin Djed Integrated Into Axo Trading Platform

COTI continues to drive Cardano stablecoin adoption.

In a bid to foster the utilization of Cardano’s stablecoin Djed across multiple platforms, COTI, a Layer-1 network based on Directed acyclic graph (DAG), has partnered with Axo, a trading protocol.

According to an announcement today, Cardano’s stablecoin will be integrated into Axo’s digital asset trading platform. The move will enhance the company’s utility that is being offered via a suite of services. Axo is a platform where oriented smart contract variants known as programmable swaps are traded.

“We are happy to announce a new Djed partnership, this time with @axotrade, a trading protocol, to integrate $DJED into their digital assets trading platform,” COTI said in a statement.

We are happy to announce a new Djed partnership, this time with @axotrade, a trading protocol, to integrate $DJED into their digital assets trading platform.

Read more: https://t.co/XOFY04xn6o
$COTI pic.twitter.com/siafz5Ys77

— COTI (@COTInetwork) October 18, 2022

Importance of the Partnership

Integrating Djed into Axo’s trading platform will boost Axo’s liquidity and market efficiency by expanding the number of liquidity pairs. Thus, giving users a wide range of options to choose from when trading on the Axo digital asset platform.

Following the partnership, COTI said Axo users will be allowed to provide single-sided liquidity. Furthermore, adding Djed to Axo’s roster of assets will also boost the overall trading volume of Axo.

Growing Adoption of Cardano’s Djed

The announcement marks the latest adoption of Cardano stablecoin by a top brand.

Several companies like WingRiders, Iagon, and Cardano Warriors, among others, have indicated interest in Cardano’s stablecoin in recent months.

Djed is an algorithmic stablecoin developed by Cardano and COTI teams. The stablecoin is designed to maintain a reserve of base coins while minting and burning reserve stable assets.

Last year, the Cardano team selected COTI to become the official issuer of Djed. In a blog post last month, COTI revealed the upcoming development plans for Djed. According to the announcement, the teams are working on updating the off-chain code and specific libraries that will handle the current Cardano node version.

“After implementing all the updates, a test run will be carried out to ascertain that everything works as expected. Once the test run is completed, it’ll be deployed to the public testnet,” COTI noted.

The stablecoin is currently being audited and the teams will proceed to the next phase of development once it has been confirmed that Djed has no technical glitch.

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